(a) The temporary directors may not hold an election under Section 8342.003 until each municipality in whose corporate limits or extraterritorial jurisdiction the district is located has:(1) consented by ordinance or resolution to the creation of the district; and(2) entered into a development agreement with the majority owner of the assessed value of the real property in the district.(b) If a development agreement required under Subsection (a)(2) has not been entered into before September 1, 2010:(1) the district is dissolved September 1, 2010, except that:(A) any debts incurred shall be paid;(B) any assets that remain after the payment of debts shall be transferred to Hood County; and(C) the organization of the district shall be maintained until all debts are paid and remaining assets are transferred; and(2) this chapter expires September 1, 2013. Added by Acts 2009, 81st Leg., R.S., Ch. 422 (H.B. 2035), Sec. 1, eff. September 1, 2009.